Member Info for Globex

It such an illiquid share Peel Hunt for PH to buy in without moving the SP they must be doing it off book. It did jump a bit after the TR1 came out, but perhaps the SP is being managed while positions are built. Being in the biz they'll know all the dark arts to pull that off.

Next TR1 will be key and answer a lot of questions in my view. Could go one of two ways. If they are just flipping back onto the market this drops back fast. But if their % goes up to confirm them stakebuilding, that's a gamechanger.

With Frisby he made ~£15m when this IPOd so probably a case of him not being too bothered anymore. His got his 30 pieces of silver already.

I agree with OP. Consensus probably is that board rolled over too easily and I do feel for anyone underwater on the back of the payout being overhyped, but now that the deal has been struck all that really matters $90m net by Feb 2024. It's so significant relative to market cap that their current projects could amount to nothing (perhaps this is what market is assuming given depressed SP), and we'd still be up from here.

Frankly they could shut the doors for all I care (given salaries/cashburn maybe that wouldn't be the worst idea in the world), as long as they endeavour to pay shareholders by Q1 next year we're in cruise control now.

Only uncertainty is how much will they retain for investment vs dividend. Fingers crossed they don't take the p*ss here. But all things considered at current share price this does appear to be one of those rare birds. Just my opinion, and my rationale for buying in.

Late last year there was a bid mooted
https://www.holdthefrontpage.co.uk/2022/news/national-world-reveals-potential-takeover-bid-for-reach-plc/
When they didn't follow through share price fell accordingly. Now priced close to multi year lows.

It's a fair question blooninja. Even within UK company law majority shareholder calls all the shots, but this company is based in India and once it delists from LSE will revert there, so it may require some brave pills to hope that an Indian private company will protect interests of minor shareholders. Let's be honest the trick is to not be holding this baby into delist. This is more a game of musical chairs.

If this applies to all brokers, and I see no reason why it shouldn't - especially as Hurricane would be very quick to tell us if DCUs were compatible with ISA/SIPP wrapper but they remain silent on this - from a PI perspective that surely has to be the final hammer blow on this deal.

Fascinating twist, thanks for sharing. There's life in the old Hurricane girl yet! If the vote goes against imagine the fireworks. Board being ousted would just be a massive bonus on top of telling Prax to do one. Either way next week is going to be interesting.

With 10% Peel Hunt have enough to call an EGM, be good if they (or someone else) could take the initiative to oust this useless board. Put a stop to their mental fees and eagerness to wind it up.

It wouldn't cost much at all to be an activist here and throw some weight around to set sparks flying. Anyone fancy being a budget Carl Icahn? Could get interesting!

The thing is nobody in their right mind would be shorting a cash shell with £125k market cap, let alone with 10% of the float. It also doesn't show up in any short data and 0.5% or above has to reported due to regulatory requirements. Finally I know of nowhere you could short this, as with most tiny cap aim stocks.

To be fair Peel Hunt are a proper city firm. This has never fallen below the 0.20 mooted by board so the fact Peel Hunt have been paying a premium to that can only imply they have something else in mind with the shell.

The Galaxy deal mechanics will be telling. I reckon Galaxy bent argo over sadly, they are shrewd operators with a long track record and given at the time argo were on the cusp of falling over I'm certain Wall would have signed just about anything. Who can forget their accidental publication of that bankruptcy webpage and suspension, desperate times.

Still a bit of shame though as it would be good to have a competitive UK miner. Too late now.

Correction 1st July, so 2 months or so

Q3 starts on 1st June so that's not long . There are red flags in this update. Spending millions to save money sets alarm bells ringing. Word salad about auditors. Claiming numbers in line with market expectations when market disagrees.

D Day tomorrow, first glimpse into Argo finances since an age ago in crypto terms. Anyone brave enough to be holding going into earnings? On balance had to ditch but will watch with interest.

Hard to see any big change of direction still without a permanent CEO. Other potential overhang is insiders can start selling, Wall's 3 months will be up as of 9th May. Big elephant in room of course is where's the cash for investment going to come from after aborted raise last year. Struggle to see any catalyst on horizon beyond btc price.

Totally agree there are too many questions hanging over Prax. Even their peers in the O&G industry couldn't seem to make sense of their enterprise. The Times article was a good read https://archive.is/yU6wM. Reading between the lines, in that journalistic way of not necessarily being able directly report suspicions, they are still able to heavily insinuate there is something amiss here.

Never seen the board have so much dedication, they have truly rolled over in a display for Prax. Shame they never performed this much for their regular shareholders.

Worth also keeping in context how insignificant these buys are. Our esteemed CEO purchased an additional 64.6k shares costing the grand total of £4.5k. But he banked £415k alone in the woeful year 2021 https://www.energyvoice.com/oilandgas/north-sea/411314/hurricane-energy-ceo-banked-415k-in-2021/

The board are relishing their new role as servants of Prax willingly dancing to whatever tune they play but have seemed to have forgotten the deal isn't done yet and they currently work for and are handsomely paid by Hurricane plc. I really hope we can put a spanner into the works to disrupt this lot.

For anyone with HL to vote if you've not already done so couldn't be easier.
The link is https://online.hl.co.uk/my-accounts/investor-mailbox
There are two separate votes, Court Mandate Meeting + General Meeting.
If you don't approve of this deal you would vote against all of them.

Just to say that this board is on top form today, after all the shenanigans the board have put us through this shareholder activism is highly commendable. I'll certainly try the contacting court and physical paper route. We have nothing to lose and it does look like court is where they are most vulnerable. Voting massively important too of course.

Either way it does feel like board pretty exposed here, who really knows if David can defeat Goliath but we'll put up a pretty good fight.

Wonder if tricky trev given his nearest and dearest a heads up to encourage this buy in

With the ex-div date 11th May you would need to be holding through market close on the 10th to be eligible. If you do that then sell on 11th May you will still receive the dividend.